Global Wearable Medical Devices Market 2020-2024 | Evolving Opportunities with Garmin Ltd. and Apple Inc.

The wearable medical devices market is poised to grow by USD 10.24 billion during 2020-2024, progressing at a CAGR of over 10% during the forecast period. 

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The market is driven by the increasing prevalence of chronic diseases. In addition, the emergence of innovative wearable medical devices is anticipated to boost the growth of the wearable medical devices market.

The prevalence of chronic conditions such as CVDs, respiratory diseases, diabetes, and cardiac diseases is increasing around the world. Patients suffering from these medical conditions require constant monitoring, which is driving the demand for wearable medical devices. These medical devices offer many benefits such as ease of data transfer, cost-effectiveness, real-time and continuous monitoring, and high patient convenience and comfort. Patients increasingly prefer wearable medical devices to cut down on costs and minimize the burden of hospital visits. Thus, the increasing prevalence of chronic diseases is expected to drive market growth during the forecast period.

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Major Five Wearable Medical Devices Market Companies:

Apple Inc.

Apple Inc. operates the business under various segments such as Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The company offers Apple Watch Series 5, Apple Watch Series 4, and Apple Watch Series 3.

BioTelemetry Inc.

BioTelemetry Inc. offers products through the following business units: Healthcare and Research. The company offers MCOT Patch, MCT 3 Lead (MCT 3L), wEvent, and ePatch.

Demant AS

Demant AS operates under various business segments, namely Hearing Devices, Diagnostic Instruments, and Hearing Implants. The company offers Oticon Xceed, Rechargeable miniRITE T R, Captivate, and Others.

Garmin Ltd.

Garmin Ltd. offers products through the following business segments: Fitness, Outdoor, Auto, Aviation, and Marine. The company offers Venu, vívoactive 4S, vívofit jr. 2, vívosmart 4, and Others.

General Electric Co.

General Electric Co. offers products through the following business segments: Aviation, Power, Oil and gas, Healthcare, Renewable energy, Transportation, Lighting, and Capital. The company offers Novii Wireless Patch System, which is a wearable fetal or maternal monitor.

Global Medical Devices Market 2020-2024 | Evolving Opportunities with Becton, Dickinson and Co. and F. Hoffmann-La Roche Ltd

The medical devices market is poised to grow by USD 134.2 billion during 2020-2024, progressing at a CAGR of over 5% during the forecast period.

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The market is driven by the growing penetration of medical devices in emerging countries. In addition, increasing initiatives by public and private organizations are anticipated to boost the growth of the medical devices market.

The medical devices market is witnessing growth in the emerging economies to the extent that by 2022, more than 30% of the global healthcare expenditure is expected to arise from these economies. Medical device companies in emerging markets leverage low manufacturing and labor costs and generate significant profit margins for investors. In addition, unlike developed economies that are governed by strong government and payor actions in terms of competitive pricing and regulation, emerging markets are benign for healthcare companies. Furthermore, several emerging economies have an increasing geriatric population and are struggling with an increase in the prevalence of chronic diseases, which will lead to an increase in the demand for medical devices. Thus, the growing penetration of medical devices in emerging countries is expected to drive market growth during the forecast period.

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Major Five Medical Devices Market Companies:

Becton, Dickinson and Co.

Becton, Dickinson and Co. operates the business under various segments such as BD Medical, BD Life Sciences, and BD Interventional. The company offers medical devices for surgical, infusion, diabetes care, and interventional procedures.

F. Hoffmann-La Roche Ltd.

F. Hoffmann-La Roche Ltd. offers products through the following business units: Pharmaceuticals and Diagnostics. The company provides medical devices for diabetes care and sample collection.

Fresenius SE & Co. KGaA

Fresenius SE & Co. KGaA operates under various business segments, namely Fresenius Medical Care, Fresenius Kabi, Fresenius Helios, and Fresenius Vamed. The company offers medical devices for dialysis, apheresis, transfusion technology, and infusion therapy.

General Electric Co.

General Electric Co. offers products through the following business segments: Aviation, Power, Oil and gas, Healthcare, Renewable energy, Transportation, Lighting, and Capital. The company offers Accessories & supplies, GE Health Cloud, Bone health and metabolic health, and other solutions.

Johnson and Johnson Services Inc.

Johnson and Johnson Services Inc. offers products through the following business segments: Pharmaceutical, Medical Devices, and Consumer. The company offers medical devices for surgery, orthopedics, infection prevention, and other procedures.